MWest Holdings to Renovate Historic LA Apartments
- Apr 02, 2018
MWest Holdings and GreenOak Real Estate have acquired the 132-unit Santa Fe Lofts in the Gallery Row District of Downtown Los Angeles. Santa Fe Lofts is a historic Beaux Arts-style building at 121 East 6th St.
LA-based MWest Holdings, which specializes in restoring older properties, says it plans to invest over $6 million to rehabilitate and upgrade the building into a boutique residential community. Among other changes, the company plans a new fitness center, refreshed roof deck, upgraded elevator access and exterior renovations. MWest will integrate the building’s ornate design with the new amenities and communal spaces.
Constructed in 1908, with an annex added in 1916, the building was purchased in 1933 by the Santa Fe Railroad, which occupied seven floors for over 50 years. In 2005, the interior of the annex was renovated and converted to housing with some commercial space. Retail tenants include Las Perlas, a mezcal bar; Pussy and Pooch, a pet boutique and groomer; Redline Food and Bar; as well as two beauty salons.
Santa Fe Lofts a Major Adaptive Reuse in Downtown LA
Commissioned by notable industrialist William G. Kerckhoff and designed by prominent LA architecture firm Morgan and Walls, the Santa Fe Lofts building features various neoclassical details. These include hexagonal plaster columns, mosaic tile, oversized windows and light wells, as well as 1910s-era lobbies, staircases and corridors.
According to the buyers, Santa Fe Lofts is one of the largest multifamily adaptive reuse deals in the market since 2012 and is the fifth largest adaptive reuse multifamily project in Downtown Los Angeles. With the addition of Santa Fe Lofts, MWest Holdings totals three adaptive reuse projects in Downton Los Angeles.
Over the past eight years, the company has invested in rehabilitating nine historic buildings across Los Angeles, including the San Fernando Building, Wilshire Royale, Hollywood Tower and Park Wilshire.